Fili for looks. He really looks like someone straight out of SoA so he gets points for being bad ass. Sorry for a double vote, but I also really liked Balin's beard simply for the fact that they left off the mustache which made him look that much more expressive.

5 o'clock shadow does not a beard make. And why doesn't anyone talk about the fact that he has to shave, or at least use clippers, to keep that Miami Vice stubble? At leat Thorin has enough beard to have to use sheers on his.

Balin definitely has the best beard, though. It's forked! Besides, he's my favorite of the dwarves.